to be withdrawn and only to extent used for personal purposes to be denied.
15. TDS which had very little impact in VAT and non compliers ( did not deduct, deducted late, did not file returns, did not pay as they has no money) mainly Govt, Govt authority and PSUs.
16. Officers to be trained in GST as the vast majority are unable to answer basic questions. If this is not the case let them take a proper examination. Those who would adjudicate and hear appeals to compulsorily bgo through a special learning and test.
17. Officers to be trained in respect of mindset of trust and supporting to the industry as against tax terror which is prevalent even today.
18. Anti Profiteering maybe scrapped a this is not likely to result in any revenue to the Govt. and would only enrich the intermediaries and the corrupt.
19. POPS – to be amended to see that all transactions of B2B be based on registered place and those on B2C based on the present IGST provisions.
20. Advance Ruling authority was supposed to be a forum to resolve issues- still nowhere in sight. Can businesses stop and wait? Maybe constituted so that there is some place for getting clarity.
21. Help desks working to be reported- how many calls they took and how many issues they resolved. Presently it maybe near zero in reality in most places.
22. GSTN mails received- replied constructively maybe monitored on day to day basis by independent expert.
23. Form for Mandatory audit be given to public as by January such audits can be started which would be useful for the trade/ industry rather than starting after the year end.
24. The duties and responsibilities and powers of the Officers at various levels be specifically put up for public comment.
25. There could be many more…
The representations made by ICAI in 2016 maybe referred for most of the above issues where they have provided some alternative mechanisms for the issues. Feedback at madhukar@hiregange.com
15. TDS which had very little impact in VAT and non compliers ( did not deduct, deducted late, did not file returns, did not pay as they has no money) mainly Govt, Govt authority and PSUs.
16. Officers to be trained in GST as the vast majority are unable to answer basic questions. If this is not the case let them take a proper examination. Those who would adjudicate and hear appeals to compulsorily bgo through a special learning and test.
17. Officers to be trained in respect of mindset of trust and supporting to the industry as against tax terror which is prevalent even today.
18. Anti Profiteering maybe scrapped a this is not likely to result in any revenue to the Govt. and would only enrich the intermediaries and the corrupt.
19. POPS – to be amended to see that all transactions of B2B be based on registered place and those on B2C based on the present IGST provisions.
20. Advance Ruling authority was supposed to be a forum to resolve issues- still nowhere in sight. Can businesses stop and wait? Maybe constituted so that there is some place for getting clarity.
21. Help desks working to be reported- how many calls they took and how many issues they resolved. Presently it maybe near zero in reality in most places.
22. GSTN mails received- replied constructively maybe monitored on day to day basis by independent expert.
23. Form for Mandatory audit be given to public as by January such audits can be started which would be useful for the trade/ industry rather than starting after the year end.
24. The duties and responsibilities and powers of the Officers at various levels be specifically put up for public comment.
25. There could be many more…
The representations made by ICAI in 2016 maybe referred for most of the above issues where they have provided some alternative mechanisms for the issues. Feedback at madhukar@hiregange.com
Valuation rules under GST could lead to transfer pricing disputes
https://economictimes.indiatimes.com/news/economy/policy/valuation-rules-under-gst-could-lead-to-transfer-pricing-disputes/articleshow/61177268.cms
https://economictimes.indiatimes.com/news/economy/policy/valuation-rules-under-gst-could-lead-to-transfer-pricing-disputes/articleshow/61177268.cms
The Economic Times
Valuation rules under GST could lead to transfer pricing disputes
Tax officers can question and demand tax in case they suspect that companies are escaping taxes, which will make matters worse for them.
https://goo.gl/WcH7u6
*CBEC has notified that inter-state/ domestic supply of taxable goods by a registered supplier to a registered recipient/ merchant exporter, for exports, shall attract a nominal GST rate of 0.1%, under CGST/ IGST/ UTGST, in line with recommendations of the 22nd GST Council Meeting held on 6 Oct. 2017, subject to fulfillment of certain conditions*
*CBEC has notified that inter-state/ domestic supply of taxable goods by a registered supplier to a registered recipient/ merchant exporter, for exports, shall attract a nominal GST rate of 0.1%, under CGST/ IGST/ UTGST, in line with recommendations of the 22nd GST Council Meeting held on 6 Oct. 2017, subject to fulfillment of certain conditions*
CA Club
0.1% GST Rate for Supply of Goods to Merchant Exporter notified by CBEC
CBEC has notified that inter-state/ domestic supply of taxable goods by a registered supplier to a registered recipient/ merchant exporter, for exports, shall attract a nominal GST rate of 0.1%, under CGST/ IGST/ UTGST, in line with recommendations of the…
https://www.google.co.in/amp/s/m.timesofindia.com/city/surat/sgctba-to-boycott-filing-of-gst-returns/amp_articleshow/61192775.cms
Surat: Commercial tax consultants across south Gujarat unanimously decided to boycott filing of GST returns to protest against the central government and GST council for not accepting their demand for simplification of the tax structure and return filing procedure.
Surat: Commercial tax consultants across south Gujarat unanimously decided to boycott filing of GST returns to protest against the central government and GST council for not accepting their demand for simplification of the tax structure and return filing procedure.
The Times of India
SGCTBA to boycott filing of GST returns - Times of India
Surat: Commercial tax consultants across south Gujarat unanimously decided to boycott filing of GST returns to protest against the central government and GST council for not accepting their demand for simplification of the tax structure and return filing…
Check out @taxguru_in’s Tweet: https://twitter.com/taxguru_in/status/922677084350304260?s=08
Only 18% GST refunds issued from 10th to 23rd October.
Apparently, consultants and taxpayers are supposed to work in Diwali, but not the department!
Only 18% GST refunds issued from 10th to 23rd October.
Apparently, consultants and taxpayers are supposed to work in Diwali, but not the department!
Twitter
Tax Guru
New post (CBEC refunded Rs. 132 Crore out of 753 Crore of IGST paid on July exports) has been published on TaxGuru - https://t.co/Z7hIFUMGZg
https://atul.caclub.in/fm-announces-waiver-of-late-fees-for-august-september-gstr-3b/
*FM Jaiteley announces WAIVER of LATE FEES for August & September GSTR 3B*
*FM Jaiteley announces WAIVER of LATE FEES for August & September GSTR 3B*
Tax Updates by CA Atul Modani
FM announces WAIVER of LATE FEES for August & September GSTR 3B
FM announces WAIVER of LATE FEES for August & September 3B
Facing a severe backlash from Tax payers and tax professionals on number of issues related to functionality of GSTN portal , too rigid IT infrastructure, consistent reduction in filing of easy monthly…
Facing a severe backlash from Tax payers and tax professionals on number of issues related to functionality of GSTN portal , too rigid IT infrastructure, consistent reduction in filing of easy monthly…
https://atul.caclub.in/waived-late-fees-will-be-credited-to-electronic-cash-ledger/
*Waived GSTR 3B Late Fees Will be Credited to Electronic Cash Ledger - Press Release by FinMin*
*Waived GSTR 3B Late Fees Will be Credited to Electronic Cash Ledger - Press Release by FinMin*
Tax Updates by CA Atul Modani
Waived GSTR 3B Late Fees Will be Credited to Electronic Cash Ledger
Waived GSTR 3B Late Fees Will be Credited to Electronic Cash Ledger
In view of the difficulties being faced during the return filing process and in order to further facilitate taxpayers, the competent authority has decided to waive the late fee on filing…
In view of the difficulties being faced during the return filing process and in order to further facilitate taxpayers, the competent authority has decided to waive the late fee on filing…
https://atul.caclub.in/all-about-gst-returns/upto-date-gst-revenue-figures/
UPTO Date GST Monthly Revenue Figures
UPTO Date GST Monthly Revenue Figures
Tax Updates by CA Atul Modani
UPTO DATE GST REVENUE FIGURES
UPTO DATE GST REVENUE FIGURES
Following is the compilation of Monthly GST Figures based on the Press Release issued by Ministry of Finance
Following is the compilation of Monthly GST Figures based on the Press Release issued by Ministry of Finance
http://www.financialexpress.com/world-news/in-crackdown-against-corruption-china-punished-over-1-3-mn-officials-over-5-years/905105/
*China has *punished a massive 1.3 million officials in the crackdown against corruption over the last 5 years.*
*China has *punished a massive 1.3 million officials in the crackdown against corruption over the last 5 years.*
The Financial Express
In crackdown against corruption, China punished over 1.3 mn officials over 5 years
It is nothing but a shocking news. What has been revealed today is the fact that China has punished a massive 1.3 million officials in the crackdown against corruption over the last 5 years.
https://caclub.in/all-about-icds-income-computation-and-disclosure-standards-notified-by-cbdt/
*All about ICDS* including ICAI Technical Guide
*All about ICDS* including ICAI Technical Guide
CA Club
All about ‘ICDS’ (Income Computation and Disclosure Standards) notified by CBDT
All about Income Computation and Disclosure Standards (ICDS) or Tax Accounting Standards (TAS) issued by the CBDT from time to time, along with relevant information, updates, notes, CBDT's Exposure Drafts and ICAI's Technical Guide on their applicability…
CAclub.in:
Option to cancel provisional registration of migrated taxpayers and to file ITC04 now available on the GST Portal
🌀💠
Option to cancel provisional registration of migrated taxpayers and to file ITC04 now available on the GST Portal
🌀💠
https://goo.gl/kZXQmj
*MCA has notified the Companies (Removal of Difficulties) Second Order, 2017, applicable w.e.f. 23 Oct. 2017*
*MCA has notified the Companies (Removal of Difficulties) Second Order, 2017, applicable w.e.f. 23 Oct. 2017*
CA Club
Companies (Removal of Difficulties) Second Order, 2017 notified by MCA
MCA has notified the Companies (Removal of Difficulties) Second Order, 2017, applicable w.e.f. 23 Oct. 2017, to sort out the difficulty of having no reference to an organisation to which the valuer may belong to.